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Foreclosure Attorney's Home Now in Foreclosure

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NOW THIS IS HAPPENING
DailyFeed
A couple of weeks back, we wrote about attorneys "ensuring payment from foreclosure clients they represent by having them take out second mortgages on homes they can't pay for to begin with."

“We thought, ‘Why don’t we use a bit of ingenuity to find an affordable way to represent them?’ ” said Peter Ticktin of the Ticktin Law Group in Deerfield Beach, Fla. “It’s a new model, a new paradigm.”

The New York Times reported that "Ticktin mortgages resemble the loans that the clients originally got from Countrywide, GMAC and other lenders. Each will be a contractual obligation with the law firm, labeled as a mortgage and structured like one, too, with the client paying a certain sum every month and using the house as collateral."

Many were concerned about this arrangement, arguing that it only dug homeowners deeper into a hole. But now it seems as Peter Ticktin himself has gotten into a bit of hot water re: his own home.

The Ticktin Law Group's website reads: "The Lawyers You Want Between You and Your Problems."

But are they really?

The Sun-Sentinel newspaper reports:

"Deutsche Bank National began foreclosure proceedings on Ticktin's Boca Raton home in 2007 after the lawyer and his wife fell behind on their loan. The couple haven't made a mortgage payment since December 2006 and continue to live in the 3,920-square-foot house in Paradise Palms.

"Ticktin has fought Deutsche Bank using the same strategy that he's been able to use for his clients: uncovering sloppy paperwork and poorly prepared mortgage files. In the Ticktins' case, Deutsche Bank didn't have their mortgage note, a problem that has surfaced in tens of thousands of foreclosure defense cases nationwide."

Hm. Perhaps Ticktin might consider taking out a second mortgage himself--which he could then use to pay his own fees in trying to keep his house. Just a thought.
POSITION:  No positions in stocks mentioned.
TAGS:  FORECLOSURE, ROBO-SIGNERS, TICKTIN    SOURCE:   Sun-Sentinel

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